Be Aware of Scams: Economic Impact Payments

Written by Eric Beepat

On April 4, 2020

Be aware of potential scams regarding the Economic Impact Payments!!

The IRS is warning on possible fraud and identity theft scams tied to the economic impact payments. Because of the pandemic, scammers and phishers may try to take advantage. They will try ways to get your personal and financial information from emails, phone calls, text messages, websites and social media accounts. The IRS WILL NOT contact you by any of these means to ask for information necessary to receive the impact payments.

Please Note these scamming tactics:

•         The official term is “economic impact payment,” though scammers may use “stimulus check” or “stimulus payment.”

•         Scammers may ask for personal and/or banking information saying that providing it will speed up the stimulus payment process.  See the note below!!!

•         Scammers may ask you to sign over the check to them, or they may mail you a fake check and ask you to verify the information to cash it.

Note: The IRS will deposit the check into the direct deposit account you previously provided on your tax returns. By mid-April, the IRS will have a newly designed secure portal for those who have not provided a direct deposit account. If the IRS does not have this information, the check will be mailed to the address on file. DO NOT provide banking or another other personally identifiable information to anyone else.

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